Germany’s largest banking institution applies for a cryptocurrency license

Germany’s largest banking institution applies for a cryptocurrency license

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Answer Germany’s largest banking institution applies for a cryptocurrency license

Germany’s Commerzbank, which is one of the largest banks operating in the country, and serves more than 18 million customers, has applied for a local cryptocurrency license, according to cryptonews, a cryptocurrency news site.

Commerzbank spokesman Borsen Zeitang explained that:

Commerzbank applied for a cryptocurrency trading license in the first quarter of 2022, and if approved, it will be allowed to provide trading services as well as custody and protection of crypto assets.

According to German law, any company wishing to provide cryptocurrency services must first seek approval from the Federal Financial Supervisory Authority.

The move by Commerzbank comes after it was reported in December last year that the bank was working “extensively” on crypto-related projects without a license.

Read:Crypto Winter: Stable Cryptocurrency Trading Volume Shows the Real Picture… Find out why!

So far, only four institutions have been able to obtain approval for cryptocurrency trading, led by Coinbase, which was approved by the regulator in June 2021.

While the Federal Financial Supervisory Authority confirms that it has more than 25 pending applications from companies wishing to enter the cryptocurrency market.

It is reported that the German government introduced a large set of reforms and regulations regarding the use of blockchain technology and digital currencies in 2021.

Towards a common European digital currency

German Finance Minister Olaf Scholz was the first to call for the launch of a common European digital currency, explaining that Germany would greatly support the work of the European Central Bank with the aim of creating a digital euro currency.

The European Union Commissioner for Internal Affairs, Ylva Johansson, confirmed at the Munich Security Conference last February that the European Union is open to cryptocurrencies including Bitcoin and the digital euro, explaining that regulations must first be strengthened to prevent fraud.

The European Investment Bank, the lending arm of the European Union, also used Ethereum technology in 2021 to issue 100 million euros in two-year digital bonds for the first time.

Read:FTX CEO investigated in case involving crypto company Voyager

Read also:

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